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November Same-Store Sales Weaken
December 04, 2008
November same-store sales weakened further, with about 40 retailers who reported results today experiencing sales decreases of 2.5 percent, according to a recent TNS Retail Forward report. Besides the weak economy, sales were hurt by fewer post-Thanksgiving shopping days in November this year. The results are down from a -0.6 percent sales-weighted composite reported last month, and down from the 4.3 percent composite reported in November 2007. This year's results were led by a slight composite gain at discount-department stores. Composite declines were registered by all other major channels, with double-digit declines posted by department stores and apparel and accessories stores. Even warehouse clubs posted a composite decline, citing the impact of declining fuel prices. Despite the deterioration in the November same-store sales numbers, TNS Retail Forward suggests that December sales should begin to bottom out because the percentage of households that plan to spend less during that time has held steady.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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